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The proposal to increase the tax on interest on financial investments in Costa Rica could eventually make credit more expensive for both the private sector and the government.

In the view of the National Securities Exchange (BNV) it is worrisome that initiatives such as an increase in tax on income from financial investments are being discussed without knowing in detail and clearly the impact that something like this could have on the stock market and the country's financial activities.

Using a web platform with key information from all of the markets in the region and the Dominican Republic, Central American stock exchanges propose reviving the plan to create a truly integrated regional market.

Once again authorities at stock exchanges in Central American countries and the Dominican Republic have put back on the table the plan to integrate the stock markets in each each country into a single regional one. The only difference with regard to the attempts that have been made previously is that there is now the experience of integration of the Salvadoran and Panamanian exchanges, which has been operational since May of last year.

The government of Costa Rica announced that in the first semester it would issue up to $2.175 billion in debt securities in the local market, however, as of June it has already issued $3.633 billion.

In February of this year, the Ministry of Finance announced that in the first semester it would issue $2.175 million in debt securities through the auction mechanisms and electronic window in the local market.But according to data from the National Stock Exchange, from January to June, the amount awarded exceeded the initial estimates by 67%.

The Costa Rican Stock Exchange is preparing a bond plan for companies that seek to finance renewable energy, agriculture, and waste management projects, among others.

The aim of the authorities at the National Securities Exchange (BNV), is to have the first issue of bonds of this type ready in the last quarter of 2018.The plan is to provide financing alternatives through the stock market for projects"... new or existing ones that qualify as green projects, that is to say, that contribute to mitigating the effects of climate change or adapting to them."

Between January and November 2017, the volume traded on the stock exchange was $43,153 million, 4% less than the amount traded in the same period in 2016.

According to figures from the National Securities Exchange (BNV), as of November of this year 78,836 operations were recorded for a total of $43.153 billion, 4% lower than the $44.911 billion transacted in the same period in 2016.

The restaurant company Tsunami Global Group is preparing to raise funds through the Alternative Stock Market, part of the National Stock Exchange.

With the funds obtained through the Alternative Stock Market (Mercado Alternativo de Acciones or MAPA in Spanish), the restaurant group intends to open four new premises in 2018. MAPA is a private investment platform that allows small and medium-sized companies to obtain capital from investors privately, not as public issuers in the regulated stock market.

The "Trump effect", added to the upward pressure caused by inflation in US interest rates, explains the upward trend in the performance of Costa Rican bonds and the fall in their price.

A resumption of the upward trend seen in debt securities traded on the international market could make it difficult for the government access external financing, in a context in which most bonds from emerging market countries are experiencing the same situation.If the government decides to resort to financing in the international market, the cost of doing so would be higher if bond yields continue to rise.

Trading in 2015 surpassed the amount registered in 2014 by 7%, and the primary market grew by 6%, recording transactions for $8.272 million.

The stock market in Costa Rica has still not captivated the private sector, which mostly prefers to seek financing in the country's banking system or from abroad, before resorting to registering debt or share issuances in the local market.

On January 14, the Ministry of Finance will turn to the local market to place an issue in colones which matures in September 2033 and has a fixed rate of 8.51%.

The Ministry of Finance intends to sell a surprisingly high amount using the electronic platform on Thursday 14 January. The issue is called Title Deed Issue Fixed Rate in Colones G210933.

Information sent by the Ministry of Finance states that they will use the rule of "first come, first served" on all applications received during the reception period for the issue. The maximum amount which can be allocated per investor applying the above rule will be 1% (it can not exceed 1%). Offers at or below the maximum percentage which can be allocated per investor will be allocated immediately.

Public consultation is being undertaken for the reform the regulation of Market Makers, with which it is intended to attract more stock brokers to the program to provide more liquidity to the market and stabilize prices of securities.

This reform also seeks to establish a reference price, a guarantee of "... minimum level of liquidity for emissions with little market presence "and amend the rules that are in effect, with the aim of improving the conditions for brokerage firms. It is expected that this project will be executed before the end of the year.

Banks authorized by the Superintendency of Securities may perform operations of clearing and settlement of securities in the stock market, which until now has only been done by brokerage houses.

With this modification in the regulations banks may provide more support for trading by its investors, providing the service of clearing and settlement of securities transactions which previously were only handled by brokerage houses.

The proposal to create a market for direct trading of securities has been rejected by the authorities, yielding to pressure from industry participants themselves.

Although the World Bank itself proposed analyzing the creation of a market where investors could directly buy and sell securities, the government bowed to pressure from the National Stock Exchange and stock brokers, and chose not to include the proposal in the initiative for modernization of the Law Regulating the Securities Market.

A draft bill on the stock market currently being discussed may not be consistent with what has been planned for the development of the financial sector.

Incorporating mechanisms for access to the stock market for small savers is part of the initiatives contemplated in the reform bill sent for consultation in December, one which industry representatives considered difficult to implement, because of the costs involved.

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